Budget 2024: Merck’s Aditya Sharma seeks fresh PLI scheme for vaccines & biopharma

New Delhi: “We anticipate significant reforms and initiatives for the Life Science and healthcare sector in the upcoming Union Budget. The government’s initiative to implement a draft strategy aimed at promoting innovation, R&D, and industry-led innovation growth in India’s MedTech and Pharmaceutical industries is a welcome move,” said Aditya Sharma, Head of Process Solutions, India Region, Merck Life Science while sharing his budget 2024 expectations. 

“We believe that implementing a fresh PLI scheme for vaccines and biopharmaceutical raw materials is vital now to put the focus back on value-added domestic production with India-for-India and India-for-the-world production. This would stimulate new investments in both R&D and production initiatives. Furthermore, the life sciences sector is dynamic and ever evolving, requiring a strong ecosystem to support research and skill development. To achieve this, we need more industry-academia partnerships that enhance deep technology R&D and provide industry-grade skills and expertise to scholars and scientists,” Sharma added further.

On the need for addressing trade barriers to ensure affordability, Sharma opined: “Our primary goal at Merck Life Science is to ensure that every individual has access to high-quality, affordable healthcare, and global collaboration and support is necessary to achieve the same. The government needs to address the existing regulatory/trade barriers between India and the world, to establish seamless trade partnerships – by strengthening the regulatory frameworks, and capitalizing on opportunities available in the country.”